(Prensa Latina) - "The process for the creation of the Bank of the South is a priority in the Venezuelan financial agenda, supported in the decision that the multinational institution will be headquartered in this capital.

Venezuelan President Hugo Chávez revealed Caracas was confirmed as the headquarters of the future entity, which came out in the new South American integration context.

The president announced the finance ministers of the Bank's future member countries were convened to meet in coming days to define the technical details.

Such actions, along with projects like TELESUR, the University of the South, and the Grand Gas Pipeline of the South are part of the current panorama in the region, where the change in the correlation of forces is happening, Chávez sustained.

Referring to the issue, Venezuelan Finance Minister Rodrigo Cabezas recently stated that the future institution will bolster actions 'to reduce asymmetries among our peoples.'

Venezuela, Ecuador, Argentina, and Bolivia will take part in the project, with Brazil likely to join later".